you want to get your work ethic so high that people actually admire you I'm
gonna ask you a question right now do people know you because of your
unbelievable work ethic if you can't answer yes to that man you're not going
to get in that top 10% you got to get at the top you people have to know you not
because oh he's a good salesman oh he's a good dish oh he's an artist so he's a
good pianist oh he's a he writes a great you know story no did people need to
know you for one major thing first he works he produces the guys there every
day the guys pushing and shoving because the truth is no matter how good your
ideas are how good your art is or how good your skillset is if you're not
working man if you're not vibrating in a frequency that people say my god how
does that guy do all that if you're not vibrating at that rate 10x levels
massive action tremendous work ethic that's just a muscle nowness it's just a
discipline in your life as a way it's a normal way that other people think is
abnormal Ryan Seacrest Tom Cruise Oprah's Steven Spielberg Donald Trump
still pumping and working as a billionaire look if you're not working
at that level you're not gonna make it get your work ethic in man it's the
American Way work ethic I have the level of success that I want to have it's
difficult to spread it out and do multiple things you know it's in order
to to be world-class and I made a decision I want to be world-class and it
just it takes such a desperate obsessive focus to to excel on assert honor on the
level that I want to make movies you know I was a Star Wars when I was young
i sat in the movie theater and watched Star Wars and I just couldn't believe
that that movie made me feel like that just floored and just stunned by the
creativity and just I'm realizing that in order to move people in that way in
order to touch people in that way we gotta focus with all of your fiber and
all of your heart and all your Creed fashion believe that I
only should expect to make money and things that I understand and when I say
understand I don't mean understand you know what the product does or anything
like that I mean understand what the economics of the business are likely to
look at look like ten years from now or 20 years ago I know in general what the
economics of say Wrigley chewing gum will look like ten years ago this is
going to change the way people chew gum it isn't going to change which come they
chew if you own the chewing gum market in a big way and you've got double mint
spearmint and juicy fruit those brands will be there ten years from now so I
can't pinpoint exactly what the numbers are gonna look like on Rigby but I'm not
gonna be way off if I try to look forward on something like that that
evaluating that company is within what I call my circle of competence I
understand what they do I understand the economics of it I understand the
competitive aspects of the business so figuring out the economic consequences
TV I think there's I don't know 20 25 million cents a year sold in the United
States I don't think there's one of them made in the United States anymore I mean
it's a TV set manufacturer what a wonderful business I try everybody now
nobody had a TV in 1950 or thereabouts 45 to 50 everybody has multiple sets now
nobody is in the United States has made any real money making the sense that
they're all out of business you know the Magnavox is the RCA is all
of those companies radio was the equipment of the twenty over 500
companies making radios in the 1920s again I don't think there's a u.s. radio
manufacturer at the present time but coca-cola you know I was at 1884 Jacobs
pharmacy or whatever and fellow comes up with something a lot of cock copiers
over the years but now you've got a company that is selling roughly 1.1
billion eight ounce servings of its product not all cokes right and some
others daily throughout the world honored me 17 years later so
understanding the economic characteristics of a business
it's different than predicting the fact that an industry is going to do
wonderfully so I look at the internet businesses or I look at tech messes I
say this is a marvelous thing and I love to play around on the computer and I
order my books from Amazon and all kinds of things but I don't know who's gonna
win unless I know is gonna win I'm not interested in the best thing I'll just
play around other computer defining your circle of competence is the most
important aspect of investing it's not how important how large your circle is
you don't have to be an expert on everything but knowing where the
perimeter of that circle of what you know and what you don't know is and
staying inside of it is all important Tom Watson senior who started IBM said
in his book he said I'm no genius said but I'm smart in spots I stay around
those spots and you know that is the key so if I understand a few things and I
stick in that arena I'll do okay and if I don't understand something but I don't
excited about it because my neighbors are talking about stocks are going up
everything they start fooling around someplace else eventually I'll get
creamed and I should everyone has a problem with time but the day is 24
hours and we sleep six now I know there's some out there that say I need
eight but I say just sleep a little faster because the bottom line is we
have six hours of sleep 24 hours are available so if 18 hours now available
to your work your family your hobbies and also to learn something new or to do
something new which could easily be that you want to learn a new language or that
you want to read there's a new year's resolution I have to read a book every
week where you say I'm gonna go and reshape my party so you're gonna go and
take this hour out of your schedule and say I'm gonna train an hour every day so
this is for most people a huge challenge but it is totally doable I can tell them
because the kind of things that I did when I came to this country I mean I
went to school I was working on construction I was working
I'm at five hours a day I was taking acting classes from 8 o'clock at night
to 12 midnight I was doing all of those things I wanted to make sure that out of
the 24 hours of the day that I don't waste one single hour those hours were
too precious and so they just want to tell people don't give me this thing I
have a difficult time at the time and I don't have time for this now that you
have time you make the time failure is part of life I mean the difference for
me though is I'm like a failure as a stepping stone to success it's a speed
bump I know I'm gonna fail but it's not failure if you learn something and so
gosh I've made so many mistakes I've screwed so many things up but every time
I do it just becomes it becomes a way for me to explain to someone else what
it takes you know it's like here's what I've done I think I have the ability
influence people because I talk about my failures I talk about all the things
that mess me up but I show people that didn't let it stop me and you don't need
to stop you and I think I think that's really a secret matter and if everything
you touch was successful relate to people and also it's B total bullsh and
everyone know its goal and also you'd be bored silly I mean think about it if you
just said I want this and happen I want this to happen
you know people don't value it they don't fight for you know it's like you
see kids sometimes in it you know your parents will say you're not gonna value
this if you don't work for it and you're keeping going oh well you'll just give
it to me but it's true you know about things we've worked the hardest for we
value the most so I think you know the purpose of the goal is not getting it
anyway the purpose of goal you know is what who you become will you becomes
gonna make you happier it's gonna make you sad so I'm not looking for an
effortless approach there's no such thing I'm in meetings a lot my calendar
gets very full with those and then at night after the kids have gone to bed
I'm on email a great deal I get messages during the day that's my chance to give
long responses and then over the weekend I send a lot of mail as well as well I
take two weeks a year to just go off and read and think where I'm not interrupted
by work or anything else I'm just solidly trying to think about the future
and people get to send me things to read as part of that so-called thing
so it's nice mix of things about 25% of the time then I'm out traveling around
meeting with customers Europe Asia and that sort of helps me think okay do we
have the right priorities what what are people responding well to and what would
they they like to see us do better one night Chris had gone to bed I've
been struggling struggling struggling we still had all the same problems I we
started lean on the house still facing bankruptcy still fighting like crazy I
was still unemployed he still they still hadn't figured out
like the solution yet for the business and I was about to turn off the TV and
there on the the TV there was this rocket launching and I thought oh my
gosh I am gonna launch myself out of bed like a rocket ship like NASA right here
had launched me out of that bed and I'm gonna move so fast that I don't think
hmm I'm gonna beat my brain now here's a really interesting point I talked a lot
about your instincts and inner wisdom and we can get into this a little bit
later but a lot of us talk about the fact that you have a gut feeling but
what all this research that I've done for the book and and all the speaking
that I do what I've discovered that's fascinating is actually when you set
goals when you have an intention on something that you want to change about
your life your brain helps you what it does is it opens up a checklist and then
your brain goes to work trying to remind you of that intention that you set and
it's really important to develop the skill and I say that word purposefully
the skill of knowing how to hear that inner wisdom and that intention kicking
in and leaning into it quickly so for me my brain saying that's it right there
move as fast as a rocket Mel I wanted to change my life and I think most people
that are miserable or that are that are really like dying to be
great and dying to have more we want to change we want to live a better life we
want to create more for our families we want to be happier
the desire is there again it's about how do you go from knowledge to actions so
the first thing in the story that's important is realizing that the answer
was in me and my mind was telling me pay attention could have also been the
Bourbon anyway the next morning the alarm goes off and I pretended NASA was
there it's a stupidest story I literally went
five four three two one I counted out loud and then I stood up and I'll never
forget standing there in my bedroom it was dark it was cold it was winter in
Boston and for the first time in three months I had beaten my habit of hitting
the snooze button I couldn't believe it and I thought wait a minute counting
backwards citizen dumbest thing I've ever heard in my entire life well the
next morning I used it again and it worked the next morning I used it again
and it worked the next morning I used it again and it worked and then I started
to notice something really interesting there were moments all day long all day
long just like that five-second moment in bed where I knew knowledge what I
should do and if I didn't move within five seconds my brain would step in and
talk me out of it every human being has a five-second window might even be
shorter for you you have about a five-second window in which you can move
from idea to action before your brain kicks into full gear and sabotages any
change in behavior because remember your brain is wired to stop you from doing
things that are uncomfortable or uncertain or scary it's your job to
learn how to move from those ideas that could change everything
into acting on vacation from where I came from and listen I didn't come from
like the slums in Bangladesh or something so I don't want
to overemphasize it but the expectation was I would be a cop so I took the
policeman's test and when I was 17 or 18 years old with my little brother Josh
and he wound up going into the police and I wound up going afford him but at
the time my dad had had his restaurant repossessed by the federal agents for
not paying his taxes so they came with shotguns that summer in 1988 and they
close this place down and that was the most traumatic moment of my life and it
probably is the second most traumatic moment realized after 9/11 and when that
happened that changed everything about me as a person like to see your dad have
his restaurant taken even got talking about it now it's a 42 year old and I
just thought to myself wow you know that he lost everything and he never
recovered from it that was like the end of his entrepreneurial career and I said
to myself I'm never gonna fail a business no matter what it takes I win
mm-hmm cuz I'm never gonna let the feds take my place and he went $100,000 in
debt you know in tax evasion and all that stuff and it was very scary
but I had no money to go to college so I had to work three jobs and go to school
at night at Fordham and I learned a work ethic that I think made me who I am
today I'm a very hard worker I'm not the smartest kid in the class you know but
you know just in terms of being clever and having hustle I think my career
proves like I'll get it done no matter what I did a little experiment with them
with a homeless person they're not like on them it's not like electrodes with
them voluntarily helped me because the whole idea of giving right
give give you've you've all walked down the street and you've all seen someone
begging and you either have or haven't thrown a few pennies in their cup when
you do you feel good you bought that feeling that is a legitimate commercial
transaction you know commercial transactions are defined as the exchange
of consideration there was an exchange of consideration here you gave money you
got the feeling of goodwill you paid for that feeling if you didn't give money
you either feel nothing or you feel bad you can't feel good by not giving all
right you paid for that feeling so another question is how is that person
encouraging us to give the joke is they act like every
corporation in the world they talk about themselves me me me me me me me right
like they sit there with their little outdoor advertising little sign right
and it says I'm homeless I'm hungry I've got 12 kids I'm a veteran god bless they
got it all in they're trying to appeal to somebody the religious vote the
veteran vote you know the child sympathizer surround yourself with lots
of pets go for that one too right all in an attempt to get something from someone
takers not givers right all about me well what what corporations do we've
added more RAM we've added more ROM we've added more speed this one's number
one we're the biggest we're the best we've been around since 1969 we're
better than them we're faster than them we're more efficient than that one me me
me me me me me me me me and so even if we buy their product guess what yeah I
mean we're gonna feel much so I did this little experiment I found a nice
homeless lady on the streets of New York who's willing to help out and I learned
that with her sign which was pretty typical I'm homeless I'm hungry but she
makes between 20 and 30 dollars a day for you know for a day's worth of work
eight to ten hours of sitting there selling goodwill eight to ten hours
she'll make 20 to $30 $30 is considered a good day I changed her sign and the
new sign made her $40 in two hours and then she left
it's one of the reasons she's homeless is cuz she's decided that she only needs
twenty to thirty dollars a day to live if she stayed she would have made $150
the point is she made forty bucks in two hours where the signs say the sign said
if you only give once a month please think of me next time it has nothing to
do with the taker it has everything to do with the giver and what are the
objections people give when they don't give I can't give to everyone how do I
know that they really need it and so I address both those concerns I know you
can't get to everyone so if you only give once a month my cause is legitimate
I will still be here when you're ready to give forty bucks two hours make it
about them not about you the fact of the matter is 100 percent of customers are
people and 100 percent of clients are people and 100 percent of employees are
people I don't care how good your product is I don't care how good your
marketing is I don't care how good your design is if you don't understand people
you don't understand business we are social animals we are human beings and
our survival depends on our ability to form trusting relationships do you ever
watch Deadliest Catch on the Discovery Channel
let's flipping through channels one night and Deadliest Catch came on and on
this episode just random they were in a huge storm now for those of you who
don't know Deadliest Catch they take these crab fishing boats out in the
Bering Sea which is like terrible and they put cameras on them and we watch
right the reason that's I guess significant is because these crab
fishermen have I think one of the top 5 deadliest jobs in the world you know I
don't know what the exact number is but dozens of fishermen die every year doing
doing this we apparently find that entertaining it actually is so they have
cameras only on five or six of the ships even though there are many many me ships
that go out fishing every season and they don't really come into proximity
with each other because you know the oceans huge and they usually sabotage
and give each other false information because they're all competitors they're
all looking to get the crabs and you know make sure that they find them
somebody else doesn't and yeah it's business right it's just business it's
okay we all did the same thing in our own
companies and in this one episode this big huge storm was so violent that they
had to bring all the pots which are the big cages that they catch the crabs and
they bring all the pots back on the boat and wait out the storm
and just by dumb luck one of the boats that had cameras on it was in proximity
of a boat that didn't have cameras on it and so they filmed they had secured all
their pots on the deck and so they started filming the other boat and they
filmed a guy climbing on the outside of the cage securing the pots and all of a
sudden a huge wave hits the side of the boat and the guy's not there anymore and
the people on the boat with the camera starts screaming Man Overboard Man
Overboard Man Overboard and they turned our boat towards where they think he
might be he's a stranger they don't know him they don't know the the crew members
of the other boat and yet they react and they turned towards him and they find
him in the drink and for those of you don't understand how dangerous this is
if the water is so cold that if you're in the water for I think that it's a
minute or a minute thirty hypothermia will set in and you die and they come
upon him and he's screaming don't let me die don't let me die and they pull him
on board not out of the woods yet they strip off his clothes because it's wet
and cold and they wrapped blankets around him to prevent hyperthermia from
setting it and he survives and it's overwhelming and the captain comes down
and this is all on me you can go watch it on TV your camera comes the captain
comes down and he honks this stranger this young man his competitor he hugs
this guy's if he's his own son I lost it everybody is crying and you realize what
happened here was a human interaction and the reason they
their own lives to help this other person even though they spend every
other day trying to get ahead and sabotage is because at the end of the
day they're all crab fishermen and they know something about each other and they
know something about the risk that they all take to do this and when push comes
to shove they will put themselves out there to help each other for no other
reason than they get it they're one of the same I will promise you that every
single member of that crew that day went home with a feeling of fulfillment I
promise you that every single person on that crew that day felt more good in
their hearts and in their jobs than the richest days they've ever pulled in my
question is is what are you doing to help the person next to you don't you
want to wake up and go to work for the only reason that you can do something
good for someone else when you want them to do that for you you know from our
past experiences that big things start small you know the biggest oak starts
from an acorn and you've got a recognizing you've got to be willing to
let that acorn grow into a little sapling and then finally into a small
tree and maybe one day it'll be a big business on its own and in fact that's
one of the mottos for one of your initiatives and forgive my pronunciation
of the Latin but Greta team for Ossie Terry what does that mean to you well it
means step by step ferociously and it's the motto for Blue Origin and basically
you can't skip steps you have to put one foot in front of the other things take
time you there are no shortcuts and but but you want to do those steps with you
know passion and ferocity went to Harvard and you're dropped out have you
ever thought how your life could be better off if you had gotten your
Harvard degree well I I'm a weird dropout because I take college courses
all the time I love learning company courses and things so I love being a
student and there were smart people around and you know they fed you and
they gave you these nice grades that made you feel smart
so I I feel it was unfortunate that I didn't get to stay there
but I don't think I missed any knowledge because you know whatever I needed to
learn I would I was still in a learning mode and playing around the latest
technology whether it's you know new PCs looking at new software sitting down
with researchers it's it's why I think my job is the best Warren thinks is the
best but I'm I'm sure I'm right anyway I'm in meetings a lot my calendar gets
very full with those and then at night after the kids have gone to bed I'm on
email a great deal I get messages during the day that's my chance give long
responses and then over the weekend I send a lot of mail as well as well I
take two weeks a year to just go off and read and think where I'm not interrupted
by work or anything else I'm just solidly trying to think about the future
and people get to send me things to read as part of that so-called think week so
it's nice mix of things about 25% of the time then I'm out traveling around
meeting with customers Europe Asia and that sort of helps me think okay do we
have the right priorities what what are people responding well to and what would
they they'd like to see us do better you know these days that's probably 80 85
hours a week for a while there was over a hundred hours a week and that's just
it's just - that's a very high amount of pain so it's you know the the difficulty
in pain of of work hours really increases exponentially it's not linear
so but when you know the financial crisis hit in 2008 2009
you know it was just every day seven days a week what you know morning all
night and dream about work it was terrible
bad dreams to be late yes yeah and at what time do you get up normally in the
morning for me it's usually about 7:00 okay but I go to bed late so usually
it's I go to bed around 1:00 a.m. or so what I am yeah and you stop day with a
real breakfast or just for the coffee or with the water you know that also varies
a lot I think it's probably true that if you thought having a good breakfast is
is a good idea but usually I don't have time for that so sometimes sometimes
it's it's made for me but probably half the time I don't have any breakfast I
had to also have like coffee or something like that one spot sure well
try to cut down on the on sweet stuff so but I think I mean I think I probably
should have like an omelet and a coffee or something like that that seems like
probably the right thing and sometimes that you have that and for lunch lunch
yeah yeah a lot lunch is usually served to me during a meeting and I finished it
in five minutes yeah that's a bad habit
didn't that dinner is where the calories really come into play because there's
you know if I have dinner meetings like dinner meetings are the worst because
then you you know eat enough for like two people yeah and those things because
you have appetizer and main course my stuff so business dinners are like the
thing that really you know where I probably eat way too much I certainly
could be slimmer I think I know a workout once or twice a week I mean I
said well yeah yeah what's or twice you should I should do it more often for
sure running through the forest no usually just like a little bit on the
treadmill or on the end lifting some weights as opposed rarely are we instant
experts you may have a particular gift or affinity toward something but you
still get better you know people would pay me high compliments when I started
speaking and then people who've seen me a year or two later say that I'm even
better than I feel it why is that because you've you you learn more you
know I think that hubris is dangerous I think to think that you're an expert at
anything is a foolish pursuit you're never you're never as good as you could
be there's a boy's room for improvement there's always room to get better you
don't that does mean you have to listen to all the advice just you know not
necessarily does everybody know best but but to believe that you can be better
and to believe that you can offer more is a constant pursuit you know I used to
think being a public speaker meant being poised and presenting in a way that was
compelling and speaking at the right pace and that's that's a part of it but
but I have been taking more risks lately doing things that are very unstructured
and very uncomfortable and I will now do like if I have an hour to speak I'd
rather speak for 20 minutes and do 40 minutes worth of questions and who knows
how that's gonna go and that to me is the best and so I'm a
better speaker because now I'm Way more open to the unknown where a few years
ago that that would have scared me
who makes our disk drive we were really lucky when we started next in that we
got calls from the presidents of Sony Motorola Canon and others and they said
hey when you guys were in your former life time you used to romp through our
technology laboratories and you used to spot technologies and help us form them
into marketable products and we really like that cuz both of us won so we'd
like you to keep doing that and we'd like you to keep doing that because eh
maybe you'll be the next big computer company and be because you're the
cheapest R&D we could ever do so we had access to I think probably more of the
in-depth technical research going on at some of these companies than most other
people I have the good fortune to have we think more in terms of what impact is
this computer going to have on the people that use it and so we don't you
know much more about the industry than we do at this point we're focusing on
the people that are gonna use this thing and how to bring the most far-reaching
capabilities to them and so that's that's where our focus is right now I am
exceptionally proud of the hundred and seventy-five people that work it next
because they started without in some cases when we started the company of
course we just started it with a fresh sheet of paper and as people have joined
us over the months and the years they have joined based on not a product not
even a description they've joined on the vision University Way a degree oh I
don't know you mean the fact that I don't have I'm a dropout actually I have
a pretty fun spark from spot for I read anyway all right what happened was I
went to Reed College just like dr. Richard Crandall and I ran out of money
after about six months so I dropped out but they let me drop in for about a year
and a half after that and Stanford let me drop in for a year
and it's kind of something that's always stuck with me I didn't have any money to
pay and they said fine just take the classes and learn and that to me what is
what it's been all about so hopefully I think all of us
you know feel really great about being able to put something like this back
into that community again I can't stress enough this thing wouldn't be here today
if it were not for our advisory board they have they have led us into their
research labs they have let us hire their best grad students and they have
kicked us in the pants when we wanted to compromise and more than once matter of
fact so if it weren't for them this machine would be a very different
machine and I think all of us at next feel an incredible debt to them for
hanging in there with us and making sure this thing came out great actually a
very important decision it next we said why should a student at Reed College as
small liberal arts college with a thousand students or a professor or a
researcher read have to pay more for their computer than someone at a very
large institution let's say the University of California at Berkeley and
the answer is they shouldn't and so we decided what's the best price we're
gonna give to anybody and we said can we architect our company in a way that it
doesn't cost us any more to sell one computer than it does to sell a thousand
and obviously we made some distance there and we decided to offer our best
price to everybody so everybody gets the best price and that's how we decided the
price it's very democratic and I think it's in the spirit of what we're trying
to do with higher education thank you very much for coming today we really
appreciate it a lot
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